Syndicate Bank inches up on inking MoU with IDBI Asset Management

Syndicate Bank is currently trading at Rs. 96.30, up by 0.45 points or 0.47% from its previous closing of Rs. 95.85 on the BSE.

The scrip opened at Rs. 95.50 and has touched a high and low of Rs. 97.00 and Rs. 90.00 respectively. So far 18,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 121.00 on 14-Mar-2012 and a 52 week low of Rs. 67.45 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs. 98.90 and Rs. 90.00 respectively. The current market cap of the company is Rs. 5,796 crore.

The promoters holding in the company stood at 66.17% while Institutions and Non-Institutions held 21.41% and 12.42% respectively.

Syndicate Bank has signed a Memorandum of Understanding (MoU) with IDBI Asset Management for distribution of their mutual fund products other than the regular banking products. This will provide customer a wide range of investment options.

The MoU will enable the Syndicate Bank branches to operate as a financial super market. The branches will now cater to the needs of its customers by providing them various Mutual Fund schemes and help in strengthening the existing relationship with the Bank's clientele base and provide an opportunity to cross-sell.

The bank registered a rise of 28.38% in its net profit at Rs 440.22 crore for the quarter under review as compared to Rs 342.91 crore for the same quarter in the previous year. Total income of the bank increased by 21.36% at Rs 4478.06 crore for Q1FY13 as compared Rs 3689.92 crore for the corresponding quarter previous year.